EV maker Ather Energy recently announced a significant change in its leadership team. Deepak Jain, the Chief Financial Officer (CFO) who has been with the company for four years, is set to depart. Sohil Parekh, currently the senior finance controller at Ather, has been named as Jain's successor.
The leadership change comes as Ather prepares for its initial public offering (IPO) next year.
CEO expresses confidence on new leadership
"Deepak and I have been planning this for a while and after an extensive search, both externally and internally, we’re taking a bet on our internal talent again. I am thrilled to announce that Sohil Parekh will be taking the reins as our new chief financial officer, effective April 1, 2024. In the coming weeks, Deepak will be working closely with Sohil to ensure a smooth transition,” he wrote.
“Deepak has been instrumental in our company's growth during this time, navigating us with sharp wit and even sharper strategy. He was at the centre of two massive changes that came our way - Covid and its aftermath, and the entire FAME 2 journey - and we wish him the best,” Mehta added in his email.
Preparing for the IPO launch
The change in CFO is part of Ather's strategic preparations for its upcoming IPO. Sohil Parekh, who joined Ather in September 2022 after a tenure of over seven years at Claris Lifesciences, will assume the CFO role in April 2024.
Deepak Jain will remain with the company for three months to ensure a smooth transition. This move is aimed at giving Parekh ample runway to steer the company through its IPO, amidst challenging macroeconomic conditions.
Ather's growth and financials
Under Jain's financial leadership, Ather Energy navigated through significant challenges, including the COVID-19 pandemic and the FAME 2 scheme's implementation.
Despite these hurdles, the company has shown remarkable growth, raising Rs 900 crore from existing investors Hero MotoCorp and GIC through a rights issue and increasing its market share in the electric two-wheeler segment.
However, Ather's financials reveal a widening loss in FY 21-22, highlighting the challenges ahead as it prepares for the IPO.
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